The S&P/TSX Composite Index rose 0.2% to close at 31,244 on Tuesday, December 9, as bullion stocks led the advance while investors awaited back-to-back central bank decisions from the U.S. Federal Reserve and the Bank of Canada.
Traders are pricing a 25-basis-point Fed cut and expect the Bank of Canada to keep rates on hold for longer, setting the stage for a cautious but opportunity-rich backdrop for precious metals.
Silver miners outperformed across the board after silver hit record highs. Pan American Silver surged 11.1%, First Majestic Silver added 7.2%, and Wheaton Precious Metals climbed 4%, reflecting renewed momentum in the metal and strong investor appetite for leveraged exposure to price moves.
Gold producers also moved higher, with Agnico Eagle up 0.8% and Barrick gaining 2.1%, helping broaden the day’s bullish tone within the materials complex.
Outside of metals, financials showed broad strength. TD Bank, Manulife and Sun Life each rose between 0.7% and 1.1%, while Shopify led tech higher with a 0.9% gain.
Energy capped the session, with Enbridge, Canadian Natural Resources and Cenovus each falling more than 1.0%.
For jewellery businesses watching the broader market, the outperformance in silver and gold equities underscores the importance of tracking bullion signals closely, particularly as record silver pricing can influence wholesale costs, replenishment timing, and early 2026 merchandising decisions.
